What is Last Will and Testament ?
A Last Will and Testament ( also known as a Will) is an essential instrument of the estate planning
A will is a legal document which gives an instruction what should happened to your property after you pass away. In the will you define your assets and how it should be distributed among the beneficiaries. Your last Will and Testament can state how to pay your debt and taxes after your death. In a will you can also name guardians for your children. Your Will become effective after you pass away.
A pour-over will is a will that takes care of a person’s remaining assets. This will automatically transfer assets which was acquired after creation of trust to a previously established trust when a person dies.
Pour-over Will names the Trustor’s living trust as the beneficiary of the Trustor’s estate.
Any assets held personally in the Trustor’s name which is not in the trust will be transferred to the Trust through probate.
Guardians of Minor Children: Last Will and Testament is the usual document used to
nominate the Guardian(s) for the Trustor(s)’ minor child(ren), if any, should both parents die before the child(ren) reach the age of 18 (this designation does not trump the parental rights of the other parent if that parent is still alive).
Usually the Guardians are the same as the Successor Trustees, but this is not necessarily always the case.